LPP bows to investor pressure and reduces share offering

Clothes retailer LPP, the owner of the Reserved shops will not issue 30,000 shares addressed at its 30 management staff and will downsize its public share issue offering by 60,000 to 190,000. "A smaller share issue will enable us to achieve our objectives. I hope that investors will appreciate the fact that the company doesn't want to live off the fat of the land. We have also heard critical voices concerning our company's public offering. We hope limiting it will sooth the attitude of the more critical investors," said Dariusz Pachla, the vice-president of LPP. The money raised in the issue will be used to speed up the company's modernization to expand LPP's number of stores to 110 in the country and 25-30 abroad from the present 41 in Poland and seven outside. The company would also like purchase a new IT system to manage it sales. (Parkiet, March 15-17, p. 3) J.K.